Work is underway on the first of 2,300 homes that will form Mirvac’s Gainsborough Greens development. Set on 490 hectares, the Pimpama development will comprise seven villages, including some of the Gold Coast’s last new golf-front land to be released.

Incorporating recreational facilities, as well as retail space the development is expected to take approximately a decade to complete, with a 30-home display village due for completion in late 2011.

After several days of negotiations with three parties, it is anticipated that City Pacific will announce the sale of some of their assets later today.  The sale is expected to include the 11,000 square metre Surfers Paradise beachfront site that the company amalgamated last year with local developer Craig Perry’s Insight group.

At this stage, the identity of the bidders has not been confirmed, although it is speculated that Sunland and Mirvac – City Pacific’s joint venture partner on the $1bn Gainsborough Greens development are among them.   Details of the deal should become available by the end of the day.